💵 Do You Need a Small Business Loan? We can help you with financing at ClearValue Lending: bit.ly/3ZQcgIM 💵 FREE STOCKS: a.webull.com/i/ClearValueTax Receive FREE STOCKS (as a sign-up bonus) when you open a free account.
Getting out of cc debt is similar to losing weight. You have to change your lifestyle. There’s no way around it. Otherwise, you will find yourself right back in debt. In my opinion, we have been spoon fed this bs lie that “stuff” is going to make us happy. It’s not. Choose freedom over enslavement.
How right you are. Both things happened to me. I lost a lot of weight years ago following a very strict diet and exercise program. But it didn't last long, a couple of years only. I am back to my previous weight and then some. Same with credit card debt. I was debt free for decades. Now I'm buried in it. My only option is chapter 7 but I'm still trying to hold out and see if I can avoid it.
@Mindsetolympics and if you can use a 0% interest rate for a certain period of time to pay it off, it is a win in my book. Especially with inflation. Car repair? Car Care Credit 0% interest rate. I am going through it. Payments instead of lump sum.
They say you spend 8-10% more when you use credit cards. So, even if you are sticking to a budget, the psychological side of using a credit card prohibits you from realizing you can lower that budget. Use cash and you'll save 8%. That's a lot better than your 1-2% cash back
@nsant If you're like me you get 5% cashback on almost all categories. US Bank Cash+ for 5% utilities and groceries, which is about $1800 every month for my household of 4, that's $80 of cashback every month or $960 a year on just the necessities, which is used for 1-2 family yearly vacations. Again I personally agree that it's best for Americans to stick with cash/debit.
Something you forgot to say (and it is mind boggling that debtors don't realize this) is that once you do any of this, STOP USING YOUR CREDIT CARDS!!!. I have had friends who do this and then turn around and charge up their cards again. Crazy!
I had a $8500 credit card as well. Finally got fed up with it. I got paid every Friday and id pay as much as I could on the card. Then id charge what i needed back on the card. Food, gas etc. But when your in the mindset of paying it off. You don't buy the stuff you dont need. Zero credit card debt for years now. Pay it off every month and get 1-3% cash back rewards.
Let me teach you how to do it because I have done it. I paid off all the high interest cards first. Some of them I transferred to a card that had no interest for a certain amount of time and paid it off within that time . Then go for your low amount cards . It works !!
I played the credit card balance transfer strategy many times to leverage on time. This work best for me. Took me less than 5 years to eliminate 63k of cc debt.
I’m doing a balance transfer to pay off my $35K student loans. Going to be a rough 12 months but there’s light at the end of the tunnel of being debt free
@@explodev2550 the balance transfer is from your credit card account to your checking account. If you have a good limit you can use that money and send it to yourself. Once in your checking you can use that to pay whatever. Risky but works for some
The very fastest way to pay off a credit card debt is to never charge anyting on it. During my working life I was forced to get a credit card because of having to travel. Booking a hotel, car rental or airline ticket always required a credit card, but I always settled the bill with cash or a check until the debit card came out. I saved thousands on not pay interest. Built my own home paying cash as I built it, to the disapointment of my bank. Never bought a new car off the showroom floor but made some very good deals buying a demonstrator. Now retiered 10 years and living in Thailand on my savings and social security, money is the least of my worries. To beat the system, never play by its rules.
Dave Ramsey’s baby steps to pay off debt are easy and really work in my experience. It takes discipline to pay off debt instead of just moving it around. Thank you Brian for making us aware of all these options.
Happy to report I have NO credit card Debt so thankful started paying off All my credit debt 5+ years ago only have Car note that will be paid off hopefully Jan-Feb next year God is so good
3:50 example is not correct. You can transfer the visa to visa, just not the card issuing bank (capital one, discover, chase, etc...) It doesn't matter if it is visa, discover, amex, mastercard. This issuing bank won't allow to transfer their own balance from card you already have
The options are as follows: 1) Balance Transfer 2) Cash Out Retirement Accounts (401k loan/payback and interest goes to your retirement account) 3) Debt Consolidation loans (goal to get lower interest rates) 4) Home Equity Line Of Credit (Heloc/like a 2nd mortgage on your home, if you default you could lose your home/must have equity in your home) 5) File for Bankruptcy (Ch 7 on credit report for up to 10 years. Or Ch 13 stays on your credit for a few years during payment plan) You’re all welcome! 😃
One thing you can also do to increase your credit limit. If you have two credit cards with the same bank, they may be able to transfer your line of credit between the two cards giving you an option to transfer more of your balance to 0% apr promos.
You can also negotiate your balance. Pay half the total amount owed in full or something and make sure they agree to report it to the credit bureaus as paid off. And never, ever get in debt again!
This is only if you are already behind on your credit card payments. If you are trying to get the bad report on your credit. This is not recommended unless your credit is already messy.
@@norazapien8878 No, they cut my hours at work, communicated with my ccards and made an offer because I knew my situation could possibly last longer than I anticipated.
I did three balance transfers to two existing cards and one new card and saved about $4k in interest. More importantly, two cards are completely paid off and the other one is close. My score is over 780. You have to be disciplined and committed to paying your debts off.
I have 2 chapter 11’s that are dismissed. The reason I have 2 is because I did not use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2023. Since I’m looking to purchase a home soon but still there, I am currently enrolled in *Royal Recaptureorg*, and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!
One thing I would like to add is that company’s like Discover will give you a lower loan rate for debt consolidation vs just a personal loan for any random expense. Also, I did a balance transfer to Bank of America and I had a bit of credit card debt on that card as well. It was supposed to be an interest and payment free for 12 months balance transfer. I was also charged about 3/4 percent for the balance transfer. But when I have tried to pay off my balance on my card thinking it would go to the interest accruing portion of my balance, part of my payments have gone to my balance transfer instead and I keep paying interest on the purchases I made on my card. Not an ideal scenario as I was trying to lower the interest i paid overall.
Did a combination of the balance transfer and 401k loan 2 years ago and paid off 4 debts and literally only have 2 debts left to pay off not including that last bit on the balance transfer which both should be paid off in 5 months
I tried a different option, which was successful by calling each company offering lower payments based upon the percentage of total debt owed to each within my budget also with the caveat of no interest on the balance or the threat of bankruptcy. It worked and my credit score improved when completed in 5 years.
Thank you for showing people sound advise for investing and general money practices. Just finished paying off 75K in CC and Personal loans from my 20s. Took me a year of dedicated payments after drowning in minimum payment purgatory. Thankfully have a good job that allowed me to knock it out quickly, and never missed a payment so credit score is 800 now.. Word to wise never get in the position I was in. Wasted thousands of dollars in interest in addition to the gains I missed from not investing that money. Luckily still have a nice retirement amount setup with my wife but promised her I would pay this off on my own.
Thank you so much Brian. We are retired and our income is limited. Went from being a multimillionaire to having very little income. That is our problem. House is paid off and worth about $1m. We feel really stuck.
Rent out your home a few times a year to cover the taxes and have some extra income. My boss VRBO’s his house every other week or so and makes something like 60k a year off it. Make it your own vacation when you have to be away from home
Stop buying trash set a budget for your household and put all your money that’s left after your budget in paying off your debt. You can set a budget on your own or use an app and the apps really do help you see where your money is going. And do not take your money out of your retirement!!!! Do not do that because you will pay a higher fee as it will increase your income for the year!!!, if it’s that bad stop putting your money through the retirement and set that money for your debt.
You forgot the “peanut butter and jelly and Raman noodle “ plan! Peanut butter and jelly for lunch and Raman noodles for diner, every day and night. You can save a crap load of money to apply to your debt!
Typically it's not that you can't transfer from Visa to Visa, but from the actual bank. So you can't transfer the balance on one Citi card to another Citi card for example.
Once I pay off this debt…I’m never using my credit card again unless I’m on the verge of being homeless…but I will still utilize my credit score but will pay cash for now on
Great advice for novice. Started off by using my credit card for down payment for a car, that didn't go well. Fortunately with my career my only debt now is student loan and mortgage. Pretty soon will be debt free. Just hope Brian have a segment coming up as to how to pay off/ bribe my in-laws so I can have peace and space for my spouse and I.
I would love to see a video on dealing with the new 1099 rules on ebay, PayPal etc.. i flip a lot of items and now I've passed my $600 on all platforms. Can I keep track of costs and deduct like a business since they want to tax me like a business? Prove my cost so I'm only taxed on gains? Etc.. Thanks for all the great work you do!
35k in Credit card debt. I’m enrolled in a debt program called ACCC. Didn’t have to default to negotiate. They dropped my rates down to 2%-7% dropped my payments by a tiny bit. I do get charged a $28 monthly fee but I’ll be debt free in less then 4 years. Anyone really struggling should check out this program capital one referred me to them. It was a lengthy process but 100% worth it.
I literally just pay a portion of my debt with every check I get every week. Been doing this for years and have never gone over 15% credit card usage. Simple.
i had credit card debt for about 8 years due to poor decisions from my late teenage-early 20s. being debt-free is one of the best feelings ever! now that im a proud car owner, that's my only debt but my dividends are paying that off. [important note] -> gotta use assets to pay for your liabilities! 😅
pandemic fucked me, plus realising now that i cook care of a family (2 house holds) who didn't give a fuck about me so now i distanced myself and now i'm working getting my credit back haha
One final solution is to close your credit card account Yes your credit will have a masisve impact but you can negotiate the payments you can affford to make and first year is less than 3-5 % Interest unlike 20-30% Its better than paying the minimum then realize you paying anything was you get charged interest fees
I quit drinking 2 years ago. At that time I was over $53,000 in debt, and $25,000 of that was just high interest credit cards from years of being a bar regular. I had to let three go into charge off and settle, was only able to pay two in full. Now I'm out of debt, thankfully. Never again!
Ninety percent of people who abuse their credit cards cannot afford to pay them back... There are no tricks or gimmicks you can use to fix that problem... Other than getting a better paying job and pay them off...
I'm surprised you didn't mention either the Avalanche or Snowball methods. Some people don't have the credit score to justify debt consolidation or refinancing. Using your retirement fund and a HELOC should be discouraged since people in cc debt are not responsible enough for these types of loans.
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.
This has easily become one of my favourite & the realest credit repair source major level of mature grown conversations amongst legends intellectual mindsets. Different level of transparency.It's authentic. Dope to see! Salute to the team look them up
Treat credit card as cash. Don't spend the money you don't have. It's always important to have money saved up for emergency to use instead of credit card.
Brian you are way smarter than me. But explain to me which credit card company will offer you even half of the total amount of maxed out credit card. Most if not all credit card companies will see people like that as risky Burrower’s. The only way to get out of credit card debt is work extra like a slave , cut down expenses and live like a college student. Extra money to pay credit cards.
I was told that with debt consolidation, the lender/agency is negotiating the new interest rate but credit card or the bank can sue you because of the amount of negotiated debt that the consolidation agency tells you is different. Is that true?
@TopShot501st for starters I did say event of emergency as in a single incident, like your car needs a $1500 repair. But let's go with your interpretation.... I only use credit cards when something unexpected comes up that I NEED but don't have all the money for. Emergencies. Im going to assume you havent watched many of his videos this year because tons of americans are having to use their credit cards to supplement for bills and food during this recession. For a lot that is an emergency and exactly why they got a credit card. Are you out here using your credit card when you have the money to pay for it?unless you building credit I find it odd to use your credit card when it's not an emergency. Like why would I give the visa money in interest for nothing
Do NOT use an online lender for debt consolidation. They are loan predators and will cost you mare than all the combined debt you just paid off using them.
I got one cc!!!!! No need for multiple. I learned to be discipline myself to pay 1/3rd each month. Took years to learn but i figured my own strategy out.
Ive negotiated the balance with each creditor by agreeing to pay the debt off in full after they erased all the interest and late fees bringing it down to the original bal.sometimes to a lower bal.
I am playing catch up from a medical trauma that I suffered in 2004 ,I am retired on a medical disability ….I recently had a very high bill at American Express and I shuffled money around with a balance transfer …. I had several questionable charges on the Bank of America card and to avoid a payment that I was sure I didn’t have ,I transferred to my discover master card As a direct result I was denied the fact that a payment had been made to the BofA and any payments I had made to this account have been ignored, I have upgraded my records keeping and I am very sorry to have done any business with BofA
When I end up having a bigger balance that would take me a few months to pay off, I usually take money out of my line of credit and pay it off, then I end up with a much lower interest rate as I pay down the debt. This solution does 2 things: 1. Keeps your payment history in good standing 2. You utilize line of credit which helps you build your credit score further
Thank you for sharing all your good insights❤ Can you please talk to us about debt forgiveness option. I see it all the time pop up in social media specially for NY residents.
My only debt on record ATM is a little over 2k on one CC... most of it from trying to be an Uber driver (which is a scam, don't do it)... And i pay more than the minimum but can't afford to pay it off but my score remains excellent in the low 700's.
yea but as for the bankrupies they do not have to stay on your report for 7 and 10 years, a matter of fact when you study consumer law, it states that and you can get it wiped off your report
Hi nice video. Can you do some one on different pay off strategies esp. When you have multiple credit cards. Also can you do a video on velocity banking? Should you close a credit card after you pay it off? What about those companies that help consolidate debt?
If you get an introductory rate (especially of 0%) they will likely charge you for back interest if you don't pay in full by the end of the introductory period
It sounds like you dont get 0% balance transfer offers that often in the US. I regularly.get these in the UK. 3% fee and 0% for 24 months on my last one.
Can anyone get a loan cheaply after the shutdown. You have to change the behavior with the credit card, because if you don't qualify for anything you just have to pay it slow and steady.
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Getting out of cc debt is similar to losing weight. You have to change your lifestyle. There’s no way around it. Otherwise, you will find yourself right back in debt. In my opinion, we have been spoon fed this bs lie that “stuff” is going to make us happy. It’s not. Choose freedom over enslavement.
How right you are. Both things happened to me. I lost a lot of weight years ago following a very strict diet and exercise program. But it didn't last long, a couple of years only. I am back to my previous weight and then some. Same with credit card debt. I was debt free for decades. Now I'm buried in it. My only option is chapter 7 but I'm still trying to hold out and see if I can avoid it.
Great analogy! 😊
Some of us are in cc debit because of a major car expense/emergency that we didn’t have funds for….
Love your analogy! 🤩👍🏻
@Mindsetolympics and if you can use a 0% interest rate for a certain period of time to pay it off, it is a win in my book. Especially with inflation. Car repair? Car Care Credit 0% interest rate. I am going through it. Payments instead of lump sum.
As someone who uses credit cards for cashback and pays the balance every week, I recommend people just stay away from them.
They say you spend 8-10% more when you use credit cards. So, even if you are sticking to a budget, the psychological side of using a credit card prohibits you from realizing you can lower that budget. Use cash and you'll save 8%. That's a lot better than your 1-2% cash back
@nsant If you're like me you get 5% cashback on almost all categories. US Bank Cash+ for 5% utilities and groceries, which is about $1800 every month for my household of 4, that's $80 of cashback every month or $960 a year on just the necessities, which is used for 1-2 family yearly vacations. Again I personally agree that it's best for Americans to stick with cash/debit.
@@JoseFlores-xh5cj that’s the reason I only use credit card all the time: cash back! It’s basically free money. 😎
Something you forgot to say (and it is mind boggling that debtors don't realize this) is that once you do any of this, STOP USING YOUR CREDIT CARDS!!!. I have had friends who do this and then turn around and charge up their cards again. Crazy!
I had a $8500 credit card as well. Finally got fed up with it. I got paid every Friday and id pay as much as I could on the card. Then id charge what i needed back on the card. Food, gas etc. But when your in the mindset of paying it off. You don't buy the stuff you dont need. Zero credit card debt for years now. Pay it off every month and get 1-3% cash back rewards.
Let me teach you how to do it because I have done it. I paid off all the high interest cards first. Some of them I transferred to a card that had no interest for a certain amount of time and paid it off within that time . Then go for your low amount cards . It works !!
Only for people with high limit cards, excellent credit and high scores.
I played the credit card balance transfer strategy many times to leverage on time. This work best for me. Took me less than 5 years to eliminate 63k of cc debt.
Damn i thought my 4K was a ton! Congrats!
@@brendank4927 thanks!
Did the same thing for my Divorce, 3% vs 11% for 40k
@@brendank4927i thought my 1k was crazy😂
Yayyy
I’m doing a balance transfer to pay off my $35K student loans. Going to be a rough 12 months but there’s light at the end of the tunnel of being debt free
Get a job at a community college. PSLF.
@@JoePAcalaughs if I could get one part time would be great lol
My loans are divided up, can I still do a balance transfer?
@@explodev2550 the balance transfer is from your credit card account to your checking account. If you have a good limit you can use that money and send it to yourself. Once in your checking you can use that to pay whatever. Risky but works for some
@@KB-rh4qp
Could you please explain more ?!
Greatly appreciated 🙏
The very fastest way to pay off a credit card debt is to never charge anyting on it. During my working life I was forced to get a credit card because of having to travel. Booking a hotel, car rental or airline ticket always required a credit card, but I always settled the bill with cash or a check until the debit card came out. I saved thousands on not pay interest. Built my own home paying cash as I built it, to the disapointment of my bank. Never bought a new car off the showroom floor but made some very good deals buying a demonstrator. Now retiered 10 years and living in Thailand on my savings and social security, money is the least of my worries. To beat the system, never play by its rules.
Dave Ramsey’s baby steps to pay off debt are easy and really work in my experience. It takes discipline to pay off debt instead of just moving it around. Thank you Brian for making us aware of all these options.
I agree
Happy to report I have NO credit card Debt so thankful started paying off All my credit debt 5+ years ago only have Car note that will be paid off hopefully Jan-Feb next year God is so good
3:50 example is not correct. You can transfer the visa to visa, just not the card issuing bank (capital one, discover, chase, etc...) It doesn't matter if it is visa, discover, amex, mastercard. This issuing bank won't allow to transfer their own balance from card you already have
The options are as follows:
1) Balance Transfer
2) Cash Out Retirement Accounts (401k loan/payback and interest goes to your retirement account)
3) Debt Consolidation loans (goal to get lower interest rates)
4) Home Equity Line Of Credit (Heloc/like a 2nd mortgage on your home, if you default you could lose your home/must have equity in your home)
5) File for Bankruptcy (Ch 7 on credit report for up to 10 years. Or Ch 13 stays on your credit for a few years during payment plan)
You’re all welcome! 😃
I had cutted up my credit cards and paid off most of my debt. I'm getting towards my financial freedom. Keep up the awesome content.
One thing you can also do to increase your credit limit. If you have two credit cards with the same bank, they may be able to transfer your line of credit between the two cards giving you an option to transfer more of your balance to 0% apr promos.
I filled for chapter 7 and I believe it was a good decision. After 3 years of my bankruptcy process I was able to buy a house.
Good decision
How much debt
Awesome I'm in 1000 debt so I want go bankrupt
@@agneskunibrown2991 $1k in debt is not enough or worth filing bankruptcy for.
Really? How about paying back the people you ripped off first
You can also negotiate your balance. Pay half the total amount owed in full or something and make sure they agree to report it to the credit bureaus as paid off. And never, ever get in debt again!
This is only if you are already behind on your credit card payments. If you are trying to get the bad report on your credit. This is not recommended unless your credit is already messy.
@@norazapien8878
No, they cut my hours at work, communicated with my ccards and made an offer because I knew my situation could possibly last longer than I anticipated.
I paid off cc debt in 2020 but life happened and now have cc debt. Working on eliminating that
I hope this information is helpful Kat V!
@@clearvaluetax9382 it was thank you!
I did three balance transfers to two existing cards and one new card and saved about $4k in interest. More importantly, two cards are completely paid off and the other one is close. My score is over 780. You have to be disciplined and committed to paying your debts off.
I have 2 chapter 11’s that are dismissed. The reason I have 2 is because I did not use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2023. Since I’m looking to purchase a home soon but still there, I am currently enrolled in *Royal Recaptureorg*, and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!
One thing I would like to add is that company’s like Discover will give you a lower loan rate for debt consolidation vs just a personal loan for any random expense. Also, I did a balance transfer to Bank of America and I had a bit of credit card debt on that card as well. It was supposed to be an interest and payment free for 12 months balance transfer. I was also charged about 3/4 percent for the balance transfer. But when I have tried to pay off my balance on my card thinking it would go to the interest accruing portion of my balance, part of my payments have gone to my balance transfer instead and I keep paying interest on the purchases I made on my card. Not an ideal scenario as I was trying to lower the interest i paid overall.
Sounds like they tricked you! 😢
This video is the best video about credit cards debt.
Thank you TampaTec!
Great and helpful video. You are an excellent teacher and communicator. 👍
Brian! All of your postings are truly inspiring and informative. Thank you so very much!💵
Did a combination of the balance transfer and 401k loan 2 years ago and paid off 4 debts and literally only have 2 debts left to pay off not including that last bit on the balance transfer which both should be paid off in 5 months
I tried a different option, which was successful by calling each company offering lower payments based upon the percentage of total debt owed to each within my budget also with the caveat of no interest on the balance or the threat of bankruptcy. It worked and my credit score improved when completed in 5 years.
I also know someone who took a 401k loan below total debt and successfully negotiated lower balances with each creditor for a one-time lump payment.
Thank you for showing people sound advise for investing and general money practices. Just finished paying off 75K in CC and Personal loans from my 20s. Took me a year of dedicated payments after drowning in minimum payment purgatory. Thankfully have a good job that allowed me to knock it out quickly, and never missed a payment so credit score is 800 now.. Word to wise never get in the position I was in. Wasted thousands of dollars in interest in addition to the gains I missed from not investing that money.
Luckily still have a nice retirement amount setup with my wife but promised her I would pay this off on my own.
Thank you so much Brian. We are retired and our income is limited. Went from being a multimillionaire to having very little income. That is our problem. House is paid off and worth about $1m. We feel really stuck.
Hi Nancy considering cashing out some and investing it into a portfolio that would bring you guaranteed income is my advice.Good luck
Rent out your home a few times a year to cover the taxes and have some extra income. My boss VRBO’s his house every other week or so and makes something like 60k a year off it. Make it your own vacation when you have to be away from home
Sell your home and downsize you should have extra money in your pocket
Stop buying trash set a budget for your household and put all your money that’s left after your budget in paying off your debt. You can set a budget on your own or use an app and the apps really do help you see where your money is going. And do not take your money out of your retirement!!!! Do not do that because you will pay a higher fee as it will increase your income for the year!!!, if it’s that bad stop putting your money through the retirement and set that money for your debt.
Option 6: Beans and Rice, Rice and Beans
Don’t forget the tortillas!
😂😂😂
I do crackers and water.. save on electricity
And you’re right 😂
This is actually the best method out of all the options!😊😊
EXCELLENT PRESENTATION !!!!
You forgot the “peanut butter and jelly and Raman noodle “ plan!
Peanut butter and jelly for lunch and Raman noodles for diner, every day and night.
You can save a crap load of money to apply to your debt!
Peanut butter + ramen soy sauce (Oriental) flavor + sriracha sauce. My favorite struggle meal.
I just pay off my credit cards every month before the statement date. It has improved my credit scores alot so each month they report 0%
Typically it's not that you can't transfer from Visa to Visa, but from the actual bank. So you can't transfer the balance on one Citi card to another Citi card for example.
Tried doing debt consolidation loans, and it knocked me off 719 to 690 without any approvals.
Can you create a video on velocity banking. I’m hearing good things about it to pay down debt and would like to know the pros and cons. Thanks!
tHANK YOU BRIAN, THAT WAS VERY HELPFUL
Once I pay off this debt…I’m never using my credit card again unless I’m on the verge of being homeless…but I will still utilize my credit score but will pay cash for now on
My beef with the entire credit report stuff is that any hard pulls to shop around last 2 years and hurt you. This needs to change in the industry!
Happy Monday Brian!
Happy Monday LF!
Great advice for novice. Started off by using my credit card for down payment for a car, that didn't go well. Fortunately with my career my only debt now is student loan and mortgage. Pretty soon will be debt free. Just hope Brian have a segment coming up as to how to pay off/ bribe my in-laws so I can have peace and space for my spouse and I.
I was hoping you would cover behavior modification as a way to pay off credit card debt. One cannot climb out of a hole by continuing to dig deeper.
I would love to see a video on dealing with the new 1099 rules on ebay, PayPal etc.. i flip a lot of items and now I've passed my $600 on all platforms. Can I keep track of costs and deduct like a business since they want to tax me like a business? Prove my cost so I'm only taxed on gains? Etc..
Thanks for all the great work you do!
I would like to see a video on this also.
Wouldn't have to charge groceries every month if it wasn't for the 'Transitory Inflation'. 🙄
EXACTLY!
Have a great Monday Brian 😀
Happy Monday!
Thanks Brian your still one of the real ones 👍
35k in Credit card debt. I’m enrolled in a debt program called ACCC. Didn’t have to default to negotiate. They dropped my rates down to 2%-7% dropped my payments by a tiny bit. I do get charged a $28 monthly fee but I’ll be debt free in less then 4 years. Anyone really struggling should check out this program capital one referred me to them. It was a lengthy process but 100% worth it.
Hi! With this option with ACCC, did they freeze your credit cards while you are enrolled in the debt program? I'm interested. Thank you!
Did you try velocity banking first? I think you would have done better and paid it off sooner with it. Anyway, good for you.
How lengthy?
Thank you I learned a lot from this video!
Is there a video on going back in time and never taking unforgivable student debt?
CRT member here for information and algorithms
Great content as always! Keep up the great work!!!
How to pay off debt: make more money and dump it on it
How to not get into debt: don''t buy things u cant afford
simple 2 things people fail to do
I literally just pay a portion of my debt with every check I get every week. Been doing this for years and have never gone over 15% credit card usage. Simple.
Ima start doing this, thanks man.
i had credit card debt for about 8 years due to poor decisions from my late teenage-early 20s. being debt-free is one of the best feelings ever! now that im a proud car owner, that's my only debt but my dividends are paying that off. [important note] -> gotta use assets to pay for your liabilities! 😅
pandemic fucked me, plus realising now that i cook care of a family (2 house holds) who didn't give a fuck about me so now i distanced myself and now i'm working getting my credit back haha
One final solution is to close your credit card account
Yes your credit will have a masisve impact but you can negotiate the payments you can affford to make and first year is less than 3-5 % Interest unlike 20-30%
Its better than paying the minimum then realize you paying anything was you get charged interest fees
THIS VIDEO WAS SO HELPFUL
Thanks, Brian. You are so clear about one important issue here, it's credit card debt. It can be overwhelming.
Thanks for the information Brian ❤
I was thinking more along the lines of faking my own death and getting a new identity.
👌😆
Sometimes it feels like that's the only feasible option, right?😅
First Tech Credit Union has no transfer fees 0% interest for 12 months. The only one I found
I quit drinking 2 years ago. At that time I was over $53,000 in debt, and $25,000 of that was just high interest credit cards from years of being a bar regular. I had to let three go into charge off and settle, was only able to pay two in full. Now I'm out of debt, thankfully. Never again!
congrats on being sober...
Hi Brian, can you please send me the link to invest with you. I lost the video you did about. thank you so much!
Ninety percent of people who abuse their credit cards cannot afford to pay them back... There are no tricks or gimmicks you can use to fix that problem... Other than getting a better paying job and pay them off...
Thank you, always great advice!!
dave ramseys solution is the only way in my eyes.
I'm surprised you didn't mention either the Avalanche or Snowball methods. Some people don't have the credit score to justify debt consolidation or refinancing. Using your retirement fund and a HELOC should be discouraged since people in cc debt are not responsible enough for these types of loans.
Withdrawing from your retirement plan should not be recommended. Too many drawbacks.
Thank you Brain you is so helpful when it comes to information.
I would say I don’t know how I find you on TH-cam, but I know better. My husband and I have been in prayer so that we get our credit scores up and our credit record in great shape so that we can purchase our forever home. It was no one but God that led me to *Web backdoors🕳️org* . I thank God for this wisdom. Bless you.
This has easily become one of my favourite & the realest credit repair source major level of mature grown conversations amongst legends intellectual mindsets. Different level of transparency.It's authentic. Dope to see! Salute to the team look them up
@@derrickwideman2418I know them 🥰
Treat credit card as cash. Don't spend the money you don't have. It's always important to have money saved up for emergency to use instead of credit card.
I had to put my CC away in order for me to stop using them. I stick with only one and I make sure my amount owes is low.
Brian you are way smarter than me. But explain to me which credit card company will offer you even half of the total amount of maxed out credit card. Most if not all credit card companies will see people like that as risky Burrower’s.
The only way to get out of credit card debt is work extra like a slave , cut down expenses and live like a college student.
Extra money to pay credit cards.
Great video !
Best video I have found in my history in you tube!!
🙏🙏🙏 I want to thank you so much for your information that you provided to us❤
continuously helped me like you have. I thank God for your presence in my life. Thanks a lot!!!
I was told that with debt consolidation, the lender/agency is negotiating the new interest rate but credit card or the bank can sue you because of the amount of negotiated debt that the consolidation agency tells you is different. Is that true?
Have you heard of "Velocity Banking?"
Professional advice , Thank you 😊😊
Step 1. Pay off every month
A crazy concept to most people...
How does this work for someone that had to use a large amount on credit card in event of emergency?
@@Sum1Better dont use credit cards as an emergency fund
@TopShot501st for starters I did say event of emergency as in a single incident, like your car needs a $1500 repair. But let's go with your interpretation.... I only use credit cards when something unexpected comes up that I NEED but don't have all the money for. Emergencies. Im going to assume you havent watched many of his videos this year because tons of americans are having to use their credit cards to supplement for bills and food during this recession. For a lot that is an emergency and exactly why they got a credit card. Are you out here using your credit card when you have the money to pay for it?unless you building credit I find it odd to use your credit card when it's not an emergency. Like why would I give the visa money in interest for nothing
Do NOT use an online lender for debt consolidation. They are loan predators and will cost you mare than all the combined debt you just paid off using them.
You’re always on it 👌🏾
I honestly dont know why people dont talk about balance transfers more. Its really the secret to life lol
Cheat codes
If you know anything else lmk
@@christianmartinez8700did you find anything else?
My score is low it is 524 I owe 689 on one and the other 864 but it's bin on my credit for at least 8 urs now
My easiest solution to credit card debt was never having one.
Excellent! Thank you so much, God bless you.
I got one cc!!!!! No need for multiple. I learned to be discipline myself to pay 1/3rd each month. Took years to learn but i figured my own strategy out.
can i ask why only pay 1/3 and not the full balance? i also only have 1 card and dont know much on the subject
@joselyn8604 , that's just my way of keeping my balance and interest low. My earnings don't allow me to pay off all the balance at once.
Hey, thanks a lot mate, good stuff.
Thank you for your videos.
Ive negotiated the balance with each creditor by agreeing to pay the debt off in full after they erased all the interest and late fees bringing it down to the original bal.sometimes to a lower bal.
Interesting…..
How did yah get them to erase your interest?
I am playing catch up from a medical trauma that I suffered in 2004 ,I am retired on a medical disability ….I recently had a very high bill at American Express and I shuffled money around with a balance transfer …. I had several questionable charges on the Bank of America card and to avoid a payment that I was sure I didn’t have ,I transferred to my discover master card
As a direct result I was denied the fact that a payment had been made to the BofA and any payments I had made to this account have been ignored, I have upgraded my records keeping and I am very sorry to have done any business with BofA
When I end up having a bigger balance that would take me a few months to pay off, I usually take money out of my line of credit and pay it off, then I end up with a much lower interest rate as I pay down the debt. This solution does 2 things:
1. Keeps your payment history in good standing
2. You utilize line of credit which helps you build your credit score further
Thank you for sharing all your good insights❤
Can you please talk to us about debt forgiveness option. I see it all the time pop up in social media specially for NY residents.
Why did my credit score drop after paying off my credit cards?
Because the credit score is a scam. They should go up again in a couple months. Same thing happened when I paid off a car
because you have to stay in some kind of debt...even if you only use 7% of your credit...its better than not having debt unfortunately.
My only debt on record ATM is a little over 2k on one CC... most of it from trying to be an Uber driver (which is a scam, don't do it)... And i pay more than the minimum but can't afford to pay it off but my score remains excellent in the low 700's.
yea but as for the bankrupies they do not have to stay on your report for 7 and 10 years, a matter of fact when you study consumer law, it states that and you can get it wiped off your report
I had an unexpected bill of $9K+ and had to charge it on my credit card. So I used the snowball method and knocked it out in 4 months.
Hi nice video. Can you do some one on different pay off strategies esp. When you have multiple credit cards. Also can you do a video on velocity banking? Should you close a credit card after you pay it off? What about those companies that help consolidate debt?
If you get an introductory rate (especially of 0%) they will likely charge you for back interest if you don't pay in full by the end of the introductory period
I just transfer my card to another card and when the rate goes up i would transfer to the other card back. my rate is 0% for 18 months
It sounds like you dont get 0% balance transfer offers that often in the US. I regularly.get these in the UK. 3% fee and 0% for 24 months on my last one.
Nah, we do.
Can anyone get a loan cheaply after the shutdown. You have to change the behavior with the credit card, because if you don't qualify for anything you just have to pay it slow and steady.